STRATEGYAbove 0.87 GBP the major trend remains bullish. 0.91 GBP and 0.92 GBP are in the line of sight. The breaking of 0.87 GBP would cancel this anticipation and favor a correction toward 0.86 GBP.

SUMMARYThe MACD is positive and above its signal line. This configuration confirms the sound positioning of the cross. Moreover, the relative strength indicator, the RSI, is not contradicting this hypothesis. The Stochastics are not overbought, which leaves the bullish potential intact in the medium term. The volumes traded are more than the average volumes over the last 10 days.

MOVEMENTS AND LEVELSAfter a recent high at 0.9 GBP the cross corrected towards the 50-day moving average 0.89: the price reaction on this level allows us to envisage a continuation of this movement in the medium term. The first buy points (or short-term supports) are at 0.87 GBP and 0.86 GBP. The resistances are at 0.91 GBP and 0.92 GBP.